GoHenry, a U.S. and UK-based fintech company, wants to equip parents with the tools they need to provide financial education for their children.
Co-founded in 2012 by Louise Hill, GoHenry’s mission to spread financial literacy is more important than ever, given the current economic hardships and the subsequent anxiety that’s felt by many families.
Alex Clere, a writer for FinTech Magazine, recently interviewed Hill on the importance of educating children about finances. Although children are learning to read, write, and solve math problems in school, whatI’s surprisingly absent from their education are lessons on money and budgeting. In fact, this can be a costly mistake down the line as children get older.
According to research that GoHenry commissioned last year, of the children surveyed, 71% expressed worry about the cost-of-living crisis, as it was something that they were overhearing at home.
GoHenry is working to solve this issue and teach children about critical money skills via its app, which enables parents to manage their children’s allowances.
In the interview with FinTech, Hill said:
“I think it’s really important that parents talk to their kids in an age-appropriate way to help them understand what the cost-of-living crisis means. More than ever, having access to simple and easy-to-use tools to help kids and adults better manage their money is key.”
Although parents are eager to inform their children about financial matters, most do not feel fully equipped or confident to do so. Through GoHenry’s Money Missions for Parents, the company is hoping to change that and equip parents with what they need to tackle complex financial matters with their children.
Ready For Expansion
GoHenry is continuing to set its sights on growth. Roughly 10 months ago, GoHenry acquired Pixpay, a European fintech app that helps parents teach their children about money. At the time, Pixpay was already present in France and had just launched in Spain. What’s more, this past January, it launched in Italy. Furthermore, U.S. savings and investing app, Acorn has also agreed to acquire GoHenry in April, which Hill says will position both companies as “strongly capitalised and poised for growth.”